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HCP Stock Surges, Spinning Off HCR ManorCare Portfolio Into New REIT

NEW YORK (TheStreet) -- HCP (HCP - Get Report) shares are rallying by 5.46% to $36.44 in early morning trading Monday, on the announcement that the health-care focused real estate investment trust will spin off its skilled nursing and assisted living assets into a separate, publicly-traded REIT.

By spinning off its HCR ManorCare portfolio, the company will be able to enhance the quality of its portfolio and focus more on its core growth businesses: senior housing...